HomeMy WebLinkAboutRes 30-17 08/01/2017 Application for Renewal of Class 6B Real Estate Tax Assessment C-Line ProductsRESOLUTION NO. 30-17
A RESOLUTION SUPPORTING THE APPLICATION FOR RENEWAL OF
CLASS 6B REAL ESTATE TAX ASSESSMENT
APPLICATION BY C -LINE PRODUCTS INC.
LOCATED AT 1100 E. BUSINESS CENTER DRIVE
MOUNT PROSPECT, ILLINOIS
WHEREAS, the President and Board of Commissioners of Cook County have enacted an
ordinance known as the Cook County Real Property Assessment Classification Ordinance, as
amended from time to time ("Classification Ordinance"), which provides for a tax assessment
incentive classification designed to encourage industrial development throughout Cook County
by offering a real estate tax incentive for the development of new industrial facilities, the
rehabilitation of existing industrial structures and the utilization of abandoned industrial building
in order to create employment opportunities and expand the tax base; and
WHEREAS, the Village of Mount Prospect encourages community development to provide for
economic growth and career opportunities; and
WHEREAS, without the Cook County property tax incentive program, the Village of Mount
Prospect is at a competitive disadvantage with the neighboring counties of Lake and DuPage in
attracting industrial development; and
WHEREAS, C -Line Products Inc., ("Applicant") owns the property commonly known as 1100
E. Business Center Drive, Mount Prospect, Illinois, identified by permanent index numbers 03-
35-104-043-0000 and 03-35-201-001-0000 (hereafter referred to as the "Subject Property"); and
WHEREAS, the Subject Property previously received a Cook County Class Real Tax
Assessment Classification for the Subject Property beginning in tax year 1998 (the "1998 Class
6b"), as said term is defined in the Classification Ordinance, with Village of Mount Prospect
support; and
WHEREAS, the Subject Property previously received a renewal of its Cook County Class Real
Tax Assessment Classification for the Subject Property beginning in tax year 2008 (the "2008
Class 6b"), as said term is defined in the Classification Ordinance, Village of Mount Prospect
support; and
WHEREAS, the Applicant has requested that the President and Board of Trustees of the Village
of Mount Prospect support and consent to the filing of an application for the renewal of the
Subject Property's Class 6B Tax Assessment Classification; and
WHEREAS, to ensure the ongoing viability of the industrial base of the Village and to
safeguard the tax base of the Village, the President and Board of Trustees have determined that it
is necessary and in the best interests of the Village to support and consent to the filing of
applications by Applicant with Cook County for the renewal of the Subject Property's Class 6B
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Tax Assessment Classification when the 2008 Class 6B tax incentive is eligible for renewal
pursuant to the Cook County Assessor's Office, and
WHEREAS, the President and Board of Trustees have determined that the renewal of the
incentive complies with the Village of Mount Prospects goal of encouraging redevelopment of
underutilized or vacant sites; and
WHEREAS, Applicant intends to lease the Subject Property to a tenant or tenants who will use
the property primarily for industrial purposes as defined in the Cook County Property Tax
Ordinance (Sec. 74-63 of the Cook County Code), and
WHEREAS, the Village of Mount Prospect has received an Economic Disclosure Statement as
defined in the Cook County Property Tax Ordinance (Sec. 74-63 of the Cook County Code) from
the Applicant.
NOW, THEREFORE BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS
ACTING IN THE EXERCISE OF THEIR HOME RULE POWERS:
SECTION ONE: That the President and Board of Trustees of the Village of Mount Prospect do
hereby support and consent to the application of C -Line Products, Inc. for the renewal of the
Class 6B Property Classification from Cook County, which allows a 10% assessment level for
the first 10 years, 15% in the l I 1 year and 20% in the 12th year for the relevant portions of the
Subject Property located at 1100 E. Business Center Drive and legally described as:
LOT 301 -BIN KENSINGTON CENTER — RESUBDIVISION FOURTEEN, A SUBDIVISION
AND RESUBDIVISION SUBDIVISION IN PART OF THE NORTH'/2 SECTIONOSECTION35 "1'OWNS1llP 42
NOR 1'11. RANGE 1111 EAST OF THE THIRD PRINCIPAL MERIDIAN ACCORDING TO
.....
THE PLAT THEREOF RECORDED AND FILED AUG 1jS°l 7 1X84 mm DOCmm?14" ENE
27204265 AND LR 3386983 IN COOK COUNTY.
COMMONLY KNOWN AS 1100 E. BUSINESS CENTER DRIVE, MOUNT PROSPECT, IL
60056
PIN: 03-35-104-043-0000
03-35-201-001-0000
S'E(J'1ON TWO: That the Village of Mount Prospect supports industrial growth, increased
employment and economic development and this proposed development is in furtherance of this
goal. The Board of Trustees of the Village of Mount Prospect further finds that this incentive is
necessary for occupancy to occur on the Property.
SECTION THREE: That occupancy of the property is subject to compliance with all
requirements of the I-1 (Light Industrial) District and development standards of the Village of
Mount Prospect.
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SECTION FOUR: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES: Grossi, Hatzis, Hoefert, Rogers, Saccotelli, Zadel
NAYS: None
ABSENT: None
Passed and approved this 1St day of August, 2017.
ATTEST:
&l Qom_
Karen Agorano
Village Clerk
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Arlene A. JUr ce"
Mayor